ZTE delays Q1 results amid US export ban

April 24th 2018 | Multiple countries | Mobile | ZTE

On April 18th ZTE Corp said that it had postponed the announcement of its financial results for the first quarter of 2018 in light of the renewed export ban by the US government. The Chinese technology company, which was scheduled to report its financials on April 19th, has yet to announce a new date.

ZTE has already halted trading of its H shares, which are governed by Chinese laws, on Hong Kong's stock exchange. Last week the US Department of Commerce slapped an export ban on ZTE Corp for violating an agreement made in 2017, when it was caught illegally selling telecoms equipment to Iran.

The commerce department said that ZTE had made false statements about taking action against the employees involved in the illegal sales operation. Instead, the company is alleged to have paid full bonuses to these employees and not issued any warning letters. The ban on ZTE comes amid escalating trade tensions between the US and China.

In a statement, ZTE highlighted the steps it had taken so far to comply with the US export regulations, including actions against employees who might have been responsible for the initial breach. The company said that the US government's ban was "unacceptable" and would severely affect the "survival" of not only ZTE, but also several of its US partners. It added that it was attempting to resolve the matter through communication and would take legal measures, if needed, to protect its rights and interests.